Basic Attention (BAT) Set to Continue Rally on Coinbase Hopes

Days after 0x started trading on Coinbase, other tokens shortlisted for expanding the portfolio are also on the move.

Basic Attention (BAT) has been on the move in the past days, gradually returning to a higher price range as rumors suggest a listing on Coinbase may arrive soon. Stellar (XLM) has also had small rallies while waiting for the listing, but the performance of BAT has been noticed by traders.

In the past seven days, BAT grew by more than 59%, adding another 19% on Monday, to reach $0.28. BAT started off last week relatively flat, at around $0.18.

The Basic Attention project is seen as one of the most viable post-ICO developments, with the Brave browser completed and a suggested economy to tokenize web ads and user attention. This is one of the reasons that BAT was shortlisted, given that more than 70% of ICO projects do not have a product.

A price move for the coins watched by Coinbase is seen as suspicious. One of the hypotheses includes bots that notice signs of an imminent listing, while others see the potential for insider trading. It is unknown what other factors may be pumping up the BAT price, but the Coinbase rumors are seen as the most probable reason.

Yet for some, the preliminary climb may be a sign to sell soon, and not wait for the proper listing to lift prices further. In fact, for other assets, the listing on Coinbase has not led to an immediate price spike, and even caused prices to drop.

https://twitter.com/cvrbonbased/status/1054350231427563520

For BAT, this may mean a slowing down of the rally and a return to lower prices.

Currently, most of BAT trading is concentrated on Binance, with most volumes in trading against Bitcoin (BTC). A listing on Coinbase would give BAT a valuable fiat on-ramp. BAT is already relatively distributed among the crypto community, held in 71,733 addresses according to Etherscan. The Brave browser lists 3.1 million monthly active users, suggesting a potential to become a part of the mainstream online activity, unlike other utility tokens which only have niche adoption.

Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.